Introduction
Let's take a look at another trading robot that's making the rounds in the market, the Donchian Like Channel. It appears to be quite popular among the MQL5 community with some decently positive reviews from users and a five-star rating. As someone who's seen it all, I won't be easily swayed by fanatic users and high ratings alone. Let's see if this trading robot lives up to its hype.
Description of Functions
The Donchian Like Channel is a derivative of the classic Donchian Channel trading system. It revolves around the concept of trading on breakout points, which are defined by the highest high and lowest low over a certain period of time.
The robot automatically executes trades based on this principle, eliminating the need for manual supervision. It's expected to help in identifying potential trading opportunities and reacting to market changes quickly.
Analysis of Results
Based on the available data from the past year (which, mind you, could be manipulated or exaggerated), it does seem that the Donchian Like Channel has performed admirably. However, past performance is not indicative of the future, and every trading strategy has its loopholes.
The truth lies in the individual trading results of the users. So, while this robot shows promise, take it with a grain of salt.
Pros and Cons
The Donchian Like Channel does have certain advantages. The automation allows for 24/7 trading, and the breakout trading concept is straightforward to understand.
But let us not ignore its drawbacks. The biggest being the lack of transparency about risk management measures. And then there's the risk of relying too heavily on automation, which could lead to significant losses in a volatile market.
Source Code Donchian Like Channel
We don't have access to the actual Donchian Like Channel code sold on MQL5. But based on the description, we can create a similar code. This is merely a demonstration and not a replica of the Donchian Like Channel robot.
If you have questions, don't hesitate to ask. This example code is brought to you by easytradingforum.com.
As a note, the EASY Trading Team is not selling the Donchian Like Channel, but merely providing a code based on its description.
Code:
You don't have permission to view the code content. Log in or register now.Download Donchian Like Channel Here
Join in on the conversation over at our forum and share your experiences with Donchian Like Channel. Whether you're using our code or the original, we'd love to hear from you.